Cricut (NASDAQ:CRCT) Stock Price Up 5% – Here’s Why

Cricut, Inc. (NASDAQ:CRCT)’s stock price was up 5% during mid-day trading on Friday . The stock traded as high as $4.73 and last traded at $4.72. Approximately 332,787 shares changed hands during mid-day trading, a decline of 4% from the average daily volume of 347,029 shares. The stock had previously closed at $4.49.

Analyst Upgrades and Downgrades

CRCT has been the subject of a number of recent research reports. Citigroup reaffirmed a “sell” rating and issued a $4.00 target price (down from $6.00) on shares of Cricut in a research note on Monday, April 14th. Morgan Stanley cut their price objective on shares of Cricut from $3.90 to $3.80 and set an “underweight” rating for the company in a research report on Thursday, March 6th.

Cricut Stock Up 5.1 %

The firm has a 50-day moving average of $5.13 and a two-hundred day moving average of $5.60. The company has a market capitalization of $1.00 billion, a PE ratio of 16.86 and a beta of -0.02.

Cricut (NASDAQ:CRCT) last released its quarterly earnings results on Tuesday, March 4th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. The business had revenue of $209.31 million during the quarter, compared to analysts’ expectations of $214.41 million. Cricut had a return on equity of 12.36% and a net margin of 8.47%. On average, equities research analysts expect that Cricut, Inc. will post 0.28 EPS for the current year.

Insider Buying and Selling at Cricut

In related news, CEO Arora Ashish sold 21,250 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $5.66, for a total transaction of $120,275.00. Following the completion of the transaction, the chief executive officer now owns 3,630,377 shares of the company’s stock, valued at approximately $20,547,933.82. This trade represents a 0.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 227,509 shares of company stock worth $1,273,156 over the last three months. Insiders own 18.02% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. R Squared Ltd acquired a new position in Cricut during the 4th quarter worth about $36,000. Copeland Capital Management LLC acquired a new stake in shares of Cricut during the fourth quarter worth about $63,000. Drive Wealth Management LLC acquired a new stake in shares of Cricut during the fourth quarter worth about $64,000. Olympiad Research LP purchased a new position in shares of Cricut in the fourth quarter valued at approximately $67,000. Finally, Caisse Des Depots ET Consignations acquired a new position in shares of Cricut in the fourth quarter valued at approximately $72,000. 19.60% of the stock is currently owned by hedge funds and other institutional investors.

About Cricut

Cricut, Inc engages in the design, marketing, and distribution of a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates through three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company offers connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations.